Business, international

GERMANY/AUSTRIA: NEUBERT BOUGHT BY MOMA-LUTZ

Article Abstract:

Austria's second-biggest furniture retailer, the Moma-Lutz group based in Wels, has taken over the German company Neubert with effect from the beginning of year 2000. The German company runs big furniture stores under the Neubert label in Wurzburg and Hirschaid and Bono low-price furniture stores in Wurzburg and Kitzingen. In 1999 it generated a turnover of about DM 470mn, employing about 1,300 staff. The new owners are planning two new Neubert stores in southern and northern Germany. Expansion is planned also for the Bono brand. The turnover of Neubert is to be doubled within five years. This is despite the planned reduction of prices. Through the acquisition, Moma-Lutz becomes the second-biggest furniture retailer in Germany and Europe, after Ikea. About one-third of the future turnover of more than DM 2bn is generated in Germany. In Austria, where the group operates 46 furniture stores and 33 discount outlets, Moma-Lutz is to open 5 Lutz and 5 Mobelix outlets.